Attention: This Cryptocurrency Platform Has Been Hacked, Losses May Increase!

Cryptocurrency lending protocol UwU Lend has seen a significant influx. In the ongoing exploit, the attacker has already seized approximately $20 million in digital assets. The security firm that detected the incident says that the attack continues. Therefore, it is possible for losses to increase.

Cryptocurrency platform was attacked!

UwU Lend, the lending protocol launched by former Frog Nation CFO 0xSifu, is suspected to have been hacked, according to on-chain watchdog Arkham monitoring. UwU Lend functions as a liquidity market. The DeFi protocol allows users to deposit and borrow digital assets. There are probably loopholes in the protocol. In this context, funds of $19.3 million flowed out in an extraordinary manner.

Meanwhile, the exploit was also confirmed by on-chain security firm Cyvers Alert. In his first observation, Cyvers said, “Hey UwU_Lend, you are being attacked! Approximately 14 million dollars have been seized so far…” he said.

Uwu Lend exploit. Source: Cyvers Alert

Cyvers founder: UwU abuse exceeded $20 million!

In less than an hour after Cyvers’ first strike, the unknown hacker stole over $20 million in the ongoing exploit. According to Meir Dolev, Cyvers’ chief technology officer and co-founder, while the group is still investigating the incident, it is shaping up to be a major cryptocurrency attack affecting multiple assets. Dolev said the following regarding the bet:

The attack still continues. But we can already see that we are talking about a major event that exceeds the $20 million threshold. We are talking about different assets (like WBTC and DAI) that are drained from pools and converted into ETH.

Cyvers: S. The attack still continues!

Shortly after the attack, Cyvers stated that the hackers used the crypto mixer Tornado Cash in the attack. In this context, the security firm announced that the attacker(s) carried out three malicious processes. In this regard, Cyvers made the following statement:

Alarm: Our system has detected a number of suspicious processes involving UwU_Lend! The attacker performed 3 processes and managed to obtain approximately 19.5 million dollars. But the raid still continues! The size may increase. Currently, the attacker is exchanging the stolen digital assets for ETH. The attacker was financed by TornadoCash 2 days ago! Our system detected malicious contract distribution before the hacking process! Cyvers could have saved all the funds for UwU Lend.

Cryptocurrency attacks in 2024 will exceed those in 2023

Cryptocurrency hackers are on track to surpass 2023 in terms of stolen digital assets. In the first quarter of 2024, hackers stole $542.7 million worth of digital assets. This indicates an increase of 42% compared to the same period in 2023. As you follow from , one of the reasons for the increasing attacks is the increasing value of cryptocurrencies, which has attracted the attention of more malicious actors since the beginning of 2024. Mriganka Pattnaik, co-founder and CEO of crypto risk and intelligence platform Merkle Science, says that another reason behind the increasing cyber abuse incidents is the race of attackers for easier targets.

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